DDM Analysis: 0N5I.L

Valuation Snapshot

Stable Growth	$77.83 - $377.50	$167.11
Multi-Stage	$42.76 - $46.72	$44.70
Blended Fair Value	$105.91
Current Price	$88.80
Upside	19.26%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.06%	15.34%	0.94	0.81	0.76	0.61	0.45	0.43	0.39	0.37	0.41	0.32
YoY Growth	-	-	15.64%	6.68%	24.86%	36.62%	4.46%	10.23%	6.37%	-10.70%	28.21%	41.20%
Dividend Yield	-	-	0.97%	0.77%	0.64%	0.33%	0.41%	1.00%	0.75%	0.61%	0.77%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.32
(-) Cash Dividends Paid (M)	6.62
(=) Cash Retained (M)	5.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.46	1.54	0.92
Cash Retained (M)	5.70	5.70	5.70
(-) Cash Required (M)	-2.46	-1.54	-0.92
(=) Excess Retained (M)	3.24	4.16	4.78
(/) Shares Outstanding (M)	6.49	6.49	6.49
(=) Excess Retained per Share	0.50	0.64	0.74
LTM Dividend per Share	1.02	1.02	1.02
(+) Excess Retained per Share	0.50	0.64	0.74
(=) Adjusted Dividend	1.52	1.66	1.76
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$77.83	$167.11	$377.50
Upside / Downside	-12.36%	88.19%	325.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.32	13.12	13.97	14.88	15.85	16.88	17.38
Payout Ratio	53.71%	60.97%	68.23%	75.49%	82.74%	90.00%	92.50%
Projected Dividends (M)	6.62	8.00	9.53	11.23	13.11	15.19	16.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.37	7.44	7.51
Year 2 PV (M)	8.09	8.24	8.40
Year 3 PV (M)	8.78	9.03	9.28
Year 4 PV (M)	9.43	9.80	10.17
Year 5 PV (M)	10.07	10.55	11.06
PV of Terminal Value (M)	233.76	245.05	256.78
Equity Value (M)	277.49	290.11	303.19
Shares Outstanding (M)	6.49	6.49	6.49
Fair Value	$42.76	$44.70	$46.72
Upside / Downside	-51.85%	-49.66%	-47.39%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
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adesso SE (0N5I.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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